Contract Income
(01/01/20 – 12/31/20)
Contract income is a specified amount of money paid to a participant based on a binding agreement with an employer. When the agreement identifies that the employment is for a specific project or a designated period, the wages received are considered contract income.
When the agreement does not identify a specific project or designated period of employment, see Wages and Salaries.
Request, verify, and review the participant’s contract income to determine the income that is reasonably certain to be received during the approval period. (See Contract Income Verification)
Contract income is countable as earned income.
Key contract income according to the policy and procedures in Budgeting Contract Income.
NOTE When the employer or employee can terminate an employment relationship at any time with or without any advance warning and with no subsequent liability, the contract is considered at-will employment. This does not change how the income is budgeted.